,Sunland Mining company purchased land containing an estimated 15 million tons if ore at cost of $4,590,000. The land without the ore is estimated to be worth $690,000. The company expects to operate the mine for 12 years. Building costing $690,000 are erected on site and expected to last for years. Equipment costing $390,000 with an estimated life the eqipment posses no salvage value after the mine is to closed. During the first year of operations, the company mined and sold 3 million tons of ore?